Page 10 - Gaming Industry

Sony posts 10% rise in net profit boosted by image sensors, games business

A sprawling group encompassing music, movies, games and chips, Sony hiked its full-year profit forecast by 3 per cent to 1.3 trillion yen aided by foreign exchange rates

Nazara arm buys assets of US gaming content platform DeltiasGaming.com

Nazara Technologies' subsidiary Absolute Sports will acquire all the assets of DeltiasGaming.com, a US gaming and esports content platform, for about Rs 7.5 crore, a release said on Tuesday. DeltiasGaming.com had revenues of USD 575,000 (about Rs 4.8 crore) for 12-month period ended June 2024. Absolute Sports will use its cash reserves to fund the all-cash transaction, to be paid over one or more tranches. The Rs 7.5 crore transaction is set to be closed in the next 45 days. "Absolute Sports, a Nazara Technologies subsidiary and the parent company of Sportskeeda.com, ProFootballNetwork.com and SoapCentral.com, today announced that it has signed an asset purchase agreement, subject to closing conditions, to acquire all the assets of DeltiasGaming.com," the release said. With this acquisition, Absolute Sports, which already serves a large gaming audience with its flagship brand Sportskeeda.com, aims to deepen its presence in the gaming and esports media publishing sector in the US ..

Apollo Funds to buy IGT's gaming, digital business, Everi in $6.3 bn deal

The deal, subject to regulatory approvals and approval by Everi stockholders, is expected to be completed by the end of the third quarter of 2025

Retrospective GST on e-gaming firms: SC defers hearing to July 31

Thirty petitions have been filed by real-money gaming companies challenging a demand for over Rs 1.5 lakh crore, calculated at 28% on the face value of bets

Video gaming firms seek distinction from RMG companies in letter to PMO

Stakeholders have requested the government to break the existing categorisation of online games into two separate categories - video games and real money games, "for fair and equitable policymaking"

Indian gaming industry to grow to $8.92 billion in next 5 years: Report

India's gaming sector is currently valued at around $3.1 billion, according to industry estimates

India's gaming sector unique, naturally inclined to Make in India: EGF CEO

Union Budget must treat 'legitimate part of gaming industry' as govt treats other sectors in the technology industry, say representatives

In new zone: Gaming zones evolve into high-tech family entertainment spaces

Gaming is one of the fastest-growing segments of the Indian media and entertainment sector

Apple stalling launch of iOS game store in Europe, says Epic Games

"Apple's rejection is arbitrary, obstructive, and in violation of the DMA (Digital Markets Act), and we've shared our concerns with the European Commission," it said

Nodwin Gaming to increase its ownership in Freaks 4U in Rs 271 cr deal

By integrating Freaks 4U Gaming's expertise and resources, Nodwin is poised to expand its global footprint in the gaming and esports industries, says Akshat Rathee, co-founder of Nodwin Gaming

News updates: Govt orders CBI probe in NEET paper leak case

Catch all the latest news updates from around the world here

Revenue stagnant and margins eroded, impact of high GST on gaming: Report

The report said, "Six companies have witnessed a decline in revenue growth ranging from 10-30 per cent, with certain companies facing a decline of 50 per cent"

Artificial intelligence to power 20% PC market by end of FY25: Lenovo

The company is confident that 20 per cent of the PC consumer market will be powered by AI by the end of this year

GST Council to meet on Jun 22, may take up review of online gaming taxation

The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet after a gap of eight months on June 22, and is likely to review the implementation of 28 per cent GST on the online gaming sector. "The 53rd meeting of the GST Council will be held on 22nd June, 2024 at New Delhi," the GST Council Secretariat said in a post on X. The 52nd meeting of the GST Council, which comprises finance ministers of all states and UTs, was held on October 7, 2023. The agenda for the 53rd meeting is yet to be circulated amongst the Council members. This would be the first Council meeting after Lok Sabha elections. Results of the elections were declared on June 4, and Sitharaman was sworn in as a Cabinet minister in the new Modi Government on June 9. The GST Council is likely to review the decision to levy 28 per cent GST on full value of bets for online gaming companies which came into effect from October 1, 2023. In its meetings in July and August, the GST Council had approved amendmen

Gujarat makes draft rules for gaming zones, seeks public suggestions

In the wake of the deadly fire at a game zone in Rajkot which claimed 27 lives last month, the Gujarat government on Wednesday came out with draft rules which seek to ensure safety at such recreation facilities. The objective behind the proposed 'The Gujarat Amusement Rides and Gaming Zone Activities (Safety) Rules-2024' is to ensure that such tragedies do not take place again, said health minister and government spokesperson Rishikesh Patel. The draft rules were uploaded on the state home department's website so that people can submit suggestions or objections, Patel told reporters in Gandhinagar after the first meeting of the state cabinet following the Lok Sabha elections. Suggestions can be submitted by June 25 to the home department's email ID 'home@gujarat.gov.in'. Under section 33 of the Gujarat Police Act, 1951, the Commissioner of Police and District Magistrates have the authority to frame rules in this regard. The final rules will be notified after getting necessary ...

$3.5 bn domestic online gaming industry seeks GST adjustment to help thrive

The Indian online gaming industry, valued at over USD 3.5 billion on Monday urged the government to reconsider levying 28 per cent GST on Contest Entry Amount' (CEA) in order to save the domestic industry. The Skill Online Games Institute (SOGI) argues that this high tax rate is stifling domestic companies and hindering the industry's potential for significant growth. "The shift from 18 per cent on gross gaming revenue to CEA in October last is not just a financial burden on legitimate domestic platforms but also unintentionally bolstered illegal offshore betting and gambling activities," SOGI Founder President Amrit Kiran Singh said. "There is a need for the re-assessment of GST policy to curve the unintended consequences of fostering illegal gambling and to support the growth of the domestic online gaming industry," he said. Singh highlighted concerns that the high tax rate is driving Indian companies out of business, while foreign companies, particularly those from China where

Rajkot fire tragedy: Gaming zones in Vadodara to stay temporarily closed

A massive fire broke out at a gaming zone in Gujarat's Rajkot city on May 25 evening resulting in the loss of lives including children

Microsoft plans to release next 'Call of Duty' version on Game Pass: Report

The plans are expected to be announced at the company's annual Xbox showcase next month, the report said, citing people familiar with the matter

Microsoft Xbox shuts multiple studios, consolidates teams for cost-cutting

The 'reprioritization of titles and resources' is so that Xbox can invest deeply into its portfolio of games and new intellectual property, according to Booty

Google defends app store, fighting Epic Games' push for major reforms

Google made its filing in San Francisco federal court, where Epic last year persuaded a jury that the tech giant unlawfully stifled competition with its controls over apps downloads